Nifty Tech Moves Give Fidelity Fund a Boost
Fund leads more than 90% of peers in 2001.
Technology stocks have been the bane of many portfolios in 2001, but they have been a boon for Fidelity Fund (FFIDX).
After trimming tech significantly in early 2001, manager Nick Thakore loaded up on issues in the sector toward the end of the first quarter. Thakore is loath to pay up for growth, and during March, then-plummeting tech stocks' valuations were lower than they had been in years. By the end of the first quarter, Thakore had built an eight-percentage-point overweight in the sector (relative to his S&P 500 benchmark), according to figures provided by Fidelity. Stocks such as AOL Time Warner (AOL) and Verisign (VRSN) appeared among the fund's top-10 holdings.
Scott Cooley does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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